Midland, Tex.-based Legacy Reserves LP has increased the borrowing base from its credit facility from a group of banks led by BNP PARIBAS to $272 million from the previous $225 million.

It will be further increased to $320 million coincident with the acquisition of Permian basin and Mid-continent producing properties, which is scheduled to close on April 30, 2008.

The purchase price for the acquisition will consist of $55 million in cash, before closing adjustments, and 1,345,291 newly issued units representing limited partner interests in Legacy Reserves LP.

Urals Energy sells non-core Russian assets for $93M

Urals Energy Public Co. Ltd., an independent exploration and production company with operations in Russia, reports the sale of certain of its non-core assets in the Komi Republic. The company is in the process of streamlining its portfolio to focus on its major assets in East Siberia.

The assets in the Komi Republic of Russia are set to be sold to a private third party buyer for a gross price of $93.5 million payable in cash, adjusted for current working capital. The net proceeds of the sale will be used to support the continued development of the company's assets and for general corporate needs.